Stock Market on song

Both bourses spent the entire session in positive territory once again. Ho Chi Minh Stock Exchange’s VN-Index gained 5.67 points, or 1.19 per cent, to finish on 484.12 points.

Minor stocks largely advanced along with blue-chip ones, accounting for 181 gainers on the northern bourse with 60 remaining unchanged and 42 sliding.

Meanwhile Hanoi Stock Exchange surpassed the 107 points level to close at 107.42 points, up 1.12 points or 1.05 per cent. As many as 227 listed on HNX climbed with 63 falling down.

The market rebound coincided with the start of the Vietnam Party Congress yesterday, in which clearer political policies and new economic strategies are expected to encourage the market to move upwards.

Some analysts, however, said the congress could not have affected the market so soon. They consider the rise of both the minor and major stocks as the business results of 2010’s fourth quarter that companies are releasing, even though there is no “phenomenal information” being disclosed.

Blue-chip stocks Bao Viet Holding (BVH) rose 3.29 per cent, PetroVietnam Fertilisers (DPM) gained 2.98 per cent while Hoa Phat Group (HPG) added 0.54 per cent.

Financial stocks bounced back with PetroVietnam Finance (PVF) rising 1.26 per cent, Eximbank (EIB) advancing 0.68 per cent, Vietinbank (CTG), 2.2 per cent and Sai Gon Securities (SSI), 1.36 per cent, all of which has encouraged other stocks as well.

On the other hand, Masan Group (MSN), FPT Corp. (FPT) and Hoang Anh Gia Lai Group (HAG) recorded declines.

On the Hanoi exchange, the HNX-Index rose to over 108 points during the session, yet the benchmark finally closed at a more modest, lower level.

Several stocks hit the ceiling. Among them was the Ben Thanh Service Corp., which hit the ceiling for the seventh consecutive session, and which will be required by the watchdogs to explain the unusual rise.

Liquidity, however, was down from an already low level on both bourses. Trading value fell 37.34 per cent to VND744 billion ($37.2 million) on HoSE and shed 18 per cent to VND384.77 billion ($19.24 million) on HNX.

Volume stood at 29.1 million shares and 21.1 million shares for HoSE and HNX respectively.

Foreigners increased stock purchases on HoSE today, in which they bought 3.77 million shares of 75 stocks, focusing on DPM, SBT, STB, PVD and HPG.

On HNX they were net buyers when buying 793,800 while selling 218,700, of which VCG, PVX, PVS, VND and KLS were bought most, and PVS, WSS, VND, IDJ and NAG were sold most.